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/methodology/approach - This paper presents a model of the disciplinary takeover based on the efficient market hypothesis which provides … appropriate measures for it to examine the financial performance of acquiring banks after takeover. Findings - The results … indicate that the takeover market for large banks was ineffective in two aspects: the market did not distinguish strong banks …
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We study the behavior of short sellers as informed market participants and examine potential sources of their information. Using a newly available dataset with high-frequency short sales data, we find evidence of significant increases in short sales immediately prior to large insider sales, but...
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Building upon recent research suggesting that debt markets rather than equity markets shape financial reporting, this study examines the relationship between conditional conservatism (used as a proxy for information risk) and the underpricing of newly issued corporate bonds. There are two...
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We examine whether and how German and US investment professionals use corporate social responsibility (hereafter, CSR) information when making personal investment decisions and recommendations to clients. Using an experiment, we find that both German and US investment professionals use CSR...
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We investigate the ex-dividend behaviour of TSX listed Canadian firms during a period when both U.S and Canadian governments cut taxes on dividend income. We test whether the tax differential between dividends and capital gains affects the stock price drop ratio on ex-dividend date. Using...
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